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Teacher, could you please help me to know that when checking inventory to see how closing inventory is, we have to subtract purchase such as goods from supplier and good returns, otherwise, we plus cost of sales and goods return to supplier?
The inventory is what is counted at the end of the year (valued at the lower of cost and net realisable value).
I think that what you are asking about is when they have counted the inventory at a later date. In that case they have to work backwards to find out what it was at the date of the financial statements.
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